Exercise 11-13 Quality Cabinet Company uses a standard costing system and produced 1,930 cabinets during May. The standard cost of wood is $22 per linear foot, and the standard quantity for each cabinet is 26 linear feet. During May, the company purchased 52,680 linear feet of wood for $1,053,600, and 51,180 feet were used in production. The company purchases all materials on account. Partially correct answer. Your answer is partially correct. Try again. Determine the material price variance and the material quantity variance. (Enter all variances as a positive number.) Material Price Variance $Entry field with incorrect answer now contains modified data 102,360 Entry field with correct answer Material Quantity Variance $Entry field with correct answer 22,000 Entry field with correct answer SHOW LIST OF ACCOUNTS LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Record the related journal entries for May. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Entry field with correct answer Raw Materials Inventory Entry field with incorrect answer 1,125,960 Entry field with correct answer Entry field with correct answer Material Price Variance Entry field with correct answer Entry field with incorrect answer 51,180 Entry field with correct answer Accounts Payable Entry field with correct answer Entry field with incorrect answer 1,023,600 (To record material purchases) 2. Entry field with correct answer Work in Process Inventory Entry field with correct answer 1,103,960 Entry field with correct answer Entry field with correct answer Material Quantity Variance Entry field with correct answer 22,000 Entry field with correct answer Entry field with correct answer Raw Materials Inventory Entry field with correct answer Entry field with correct answer 1,125,960 (To record material used in production)